Cross Country Delivery Service is owned and operated by Pedro Gonzalez. The following selected transactions were completed by Cross Country Delivery Service during May:

1. Received cash from owner as additional investment, $25,050.

2. Paid advertising expense, $6,750.

3. Purchased supplies on account, $2,920.

4. Billed customers for delivery services on account, $20,460.

5. Received cash from customers on account, $11,410.

Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, and Owner’s Equity). Also indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) follows:

(1) Asset (Cash) increases by $25,050; Owner’s Equity (Pedro Gonzalez, Capital) increases by $25,050.